Ferrovial’s shareholders have turned out en masse at the shareholders’ meeting that the group is holding this Thursday, at which the transfer of the group’s headquarters to the Netherlands is voted on. According to the data provided by the company, the final quorum would have reached 77.69%, which represents the highest figure since 2018. In 2022, when the re-election of Rafael del Pino was voted for, 73 were present and represented. .85%, so the representation increases by almost four points. Specifically, by 3.84 percentage points.
The quorum is relevant to the operation, since it can influence the degree of shareholder support for the transfer of the registered office. Ferrovial expects majority support, but the number of rejections of the item on the agenda will damage the visibility of whether the exercise of the right of separation can put the transfer at risk. The company would have set as a condition -although it would keep the right to review it- a limit of 500 million euros to “compensate” shareholders who chose to oppose the merger and subsequently exercise this right.
The shareholders who have intervened during the meeting have given their support to Ferrovial and have been critical of the attitude of the Spanish institutions before the announcement of the change of headquarters. Rafael del Pino has responded that he is totally sure that the board’s decision will be respected due to the high legal certainty of both Spain and the European Union. He has also promised to maintain Spanish as the language of dialogue for shareholders and that simultaneous translation has been maintained to allow them to follow it.
If the merger goes ahead, next year the meeting will be held in the Netherlands, so the language that was reaffirmed will be English.
